Carter Denise P. 4

What Happened
Denise P. Carter, Chief Operating Officer of Quoin Pharmaceuticals (QNRX), received a derivative equity award on February 4, 2026 for 318,750 units reported at $0.00. The filing reports this as a grant/award (derivative), meaning no cash was paid at grant. Per the filing footnote, the award is denominated in American Depositary Shares (ADSs).

Key Details

• Transaction date and price: 2026-02-04; 318,750 units at $0.00 (derivative award).
• ADS conversion: Each ADS represents 35 ordinary shares (318,750 ADSs × 35 = 11,156,250 ordinary shares underlying the award).
• Vesting (per footnote): the award vests in four annual installments — 20% on Feb 4 of 2027, 2028 and 2029, and 40% on Feb 4, 2030.
• Shares owned after transaction: Not specified in the provided filing summary.
• Timeliness: Filing date 2026-02-06 for a 2026-02-04 transaction — appears timely (no late filing indicated).

Context
This was an equity award (derivative) with a multi-year vesting schedule. For retail investors: awards signal executive compensation alignment with future performance but are not the same as an open-market purchase (which some investors view as a stronger bullish signal). The ADS denomination matters: the reported unit count reflects ADSs, each equal to 35 ordinary shares, so the underlying ordinary-share equivalent is substantially larger than the ADS count.